National report.

Blocks Sale

March 05, 1995|By Knight-Ridder/Tribune.

DALLAS — Developers who have transformed the Knox Street retail district with a new shopping center and luxury apartments have sold the property to a pension fund investment group. Sarofim Realty Advisors of Dallas bought the six-block Knoxbridge development from Raven Interests, the investment group that developed it.

The 3-year-old residential and commercial complex includes more than 75,000 square feet of high-end retail space and 334 apartments. More than 100 of the units are under construction.

George Bayoud, one of the partners in the project, confirmed that the development has been sold to a group represented by Sarofim Realty. He declined to disclose terms of the sale. Real estate brokers estimate that the property went for more than $30 million.